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Jason LI think you are right in that involvement by a true "hedge fund" is unlikely for the liquidity and strategy issues that you mention; however, I do believe it is entirely possible (and more likely) that an investment fund that is arranged more along the lines of traditional private equity could become involved and do quite well in this market, as these are vehicles where longer lock-ups are the norm...(which would be a more appropriate strategy and operating arrangement for this asset and market structure)
geez, how's that for a run-on sentence?